The global powered storage devices market will see impressive growth over the forecast period of 2019 to 2027. The steady CAGR (Compound Annual Growth Rate) will chart an upward trajectory, creating new opportunities for growth – something market players would scurry to make the most of. Besides, it will lead to improvement in market worth.
Major factors behind the stated growth will be the hustle to reduce costs, rising population- driving demand for power upward, and need to store energy from renewable sources to fix the issue of erratic supply.
Global Powered Storage Devices Market: Competitive Analysis
The global powered storage devices market is witnessing numerous developments that are not just significant for players to take note of but also to understand how the market would operate over the coming years. An in-depth dive in can be had in our upcoming report.
The global powered storage devices market is consolidated and prominent players in the market include Alstom, ABB Ltd., AES Corporation, General Electric, Convergent Energy + Power, Hawaiian Electric Company, Inc., S&C Electric Company, and others. Players are focusing on improving their products to keep an edge over competitors.
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Global Powered Storage Devices Market: Key Trends and Drivers
Certain factors are shaping the growth curve for global powered storage devices market. They are paving the way for how market would operate over the coming years. A glimpse is shared below.
- The need to switch to cleaner fuel is huge. Even bigger is the need to move away from non-renewable power generation as output is dicey and does not promise to meet demands forever. This limit to human capacity at exploiting natural resources in the non-renewable domain is set to push the market for powered storage devices market ahead. It is primarily because the shift to energy generation sources such as wind and air are dependent on fickle weather conditions and thus it becomes paramount that the energy generated is stored or consumers would face erratic supply – something no government would want at this point in environment degradation and costs associated with non-renewable sources of energy. Besides, mounting environmental concerns and increasing levels of awareness are also driving generation of power towards natural sources such as wind and sunlight. And, in tur, that is leading to the global storage devices market on a higher growth trajectory.
- Rise in population is set to push the global powered storage devices market to more growth. In the next 30 years, the world will see increase in people by a hefty number of 2 billion. From a 7.7 now, population, therefore, would shoot to 9.7 billion by 2050. And, these people will create demand for power and will need devices to store the same. Thus, it should not come as a surprise that residential sector will demonstrate steady growth over the forecast period.
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Global Powered Storage Devices Market: Geographical Analysis
The North American region along with Europe will hold a major chunk of the global powered storage devices market owing to increase in population, leading to demand for power. The region is set to demonstrate increase in demand for such devices, which would provide opportunities for players to step-up and meet. Besides, in Europe, a large number of projects towards harnessing renewable energy sources will create demand for powered storage devices. Because, these help in ensuring that the supply, which is generally intermittent from these sources such as air and sun, is smooth.
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